Steve Wynn's take on the world

[Football_Bat]

So one or two people are scared because their employees might actually get health care and live a better life?

If half of this guy's money was taken away, would anything change about the way he leads his life?

Would he still live in huge houses, eat at the best places, never worry about going to the doctor or where the money to pay the power bill would come from?

I'm not saying take half of his money, but this guy just stinks of greed. Why are people so concerned if this guy ends the year with 510 million instead of 530 million?

Fair sentiment. Numbers are way off. I'd guess Steve Wynn is worth more like $2 billion than $500 million.

His rant was silly. But you also have to put it the context of Wynn Resorts, not Steve Wynn.

Wynn Resorts is a publicly-traded company, so when he does an earnings conference call, he isn't technically making comments about his own fortune. He's talking about shares in a company that is owned by others--many small investors and pension funds and the like--and in that context, his responsibility is to see to it that Average Joe shareholder makes money. And if it is his perception that the regulatory environment makes it hard to conduct business, that conference call would be a place to express that opinion.

Again, I am not endorsing his rant. He was way over the top, and near as I could tell, the company beat expectations. I don't know the casino business that well, but I do know Wynn relocated the company to Macau to boost profits, and that longer term, he believes China and Asia are the areas that will grow for the company, so it was obviously a case of Steve Wynn being Steve Wynn. When his mouth starts moving, you never know what you might get.

Double next.

 

[93Devil]

How many Average Joes in America today own stock?

How many Average Joes in America have a pension plan?

This guy brings in the real Average Joe, takes his money on the tables, and these "profits" are shared with people who are not Average Joes.

The Average Joe in America today is a guy working per hour without health care and no real thoughts of ever being able to stop working.

I wonder what percentage of my generation (41) will die working rather than die retired?

 

[YankeeFan]

Wynn's investments in China/Macau is what's driving his company's profits.

So, it's quite reasonable for him to be making big profits and still be bitching about the regulatory environment here.

 

[YankeeFan]

How many Average Joes in America today own stock?

How many Average Joes in America have a pension plan?

You can't be serious.

You realize that pension funds -- like CalPERS and GM's -- are some of the biggest players in the market right?

Maybe you don't think of it that way because they invest with big, bad hedge funds to manage their money.

 

[LongTimeListener]

We should all understand that it is only the risk that is socialized in America, not the gain. Sheesh. The nerve of some people. Why can't we just give the banks and the rest of corporate America their $700 billion and understand that they'll do great things for us? All these rules and expectations of jobs and shirt.

 

[The Big Ragu]

How many Average Joes in America today own stock?

How many Average Joes in America have a pension plan?

This guy brings in the real Average Joe, takes his money on the tables, and these "profits" are shared with people who are not Average Joes.

The Average Joe in America today is a guy working per hour without health care and no real thoughts of ever being able to stop working.

I wonder what percentage of my generation (41) will die working rather than die retired?

More than half of Americans own equities in one form or another, whether it is individual stock ownership, mutual funds or funds in 401(K), IRA or pension funds. I think at the height of the Greenspan-overheat-the-economy-and-create-asset-bubble-era, the number was somewhere around 65 percent of individuals owning equities in one form or another. It's down, but it is certainly more than half of Americans.

 

[YankeeFan]

Millions & percentage of U.S. households owning mutual funds:

http://www.icifactbook.org/fb_ch6.html

 

[LongTimeListener]

Millions & percentage of U.S. households owning mutual funds:

http://www.icifactbook.org/fb_ch6.html

And for them it has been a very good 12 months, with the S&P 500 up 23 percent. Unless Steve Wynn's contention is "we're making gobs and gobs of money, but without Obama's meddling we would be making gobs and gobs and GOBS of money!!!"

 

[doctorquant]

If Average Joe doesn't want Wynn to "take" his money, Joe has a 100% effective approach at his disposal: Don't gamble. I like to gamble, but the fact that I have to pay for this form of entertainment through a house edge doesn't strike me as unfair at all.

 

[YankeeFan]

Take a look at the list of money managers CalPERS uses:

http://www.calpers.ca.gov/index.jsp?bc=/investments/assets/equities/aim/mgrs/a-d.xml

It's quite long and includes nearly every major player.

 

[YankeeFan]

If Average Joe doesn't want Wynn to "take" his money, Joe has a 100% effective approach at his disposal: Don't gamble. I like to gamble, but the fact that I have to pay for this form of entertainment through a house edge doesn't strike me as unfair at all.

By law, slots in Vegas have to return 75% of money "invested". In actuality, they pay out about 95% to 97%.

The vig at the sports book is 10%.

The house edge in roulette is 5.26%.

But, if I take after tax money and invest it in the market, the risk is all mine. If I make money, the government takes a cut in the form of a tax.

AZ and others would like to see that tax go as high as 35%.

fork. Might as well go to Vegas and bet on black.

 

[93Devil]

Millions & percentage of U.S. households owning mutual funds:

http://www.icifactbook.org/fb_ch6.html

So over half of all American households do not.

And your link says 90 million people own these things. How many adults are there in America over 25? 210 million? 220 million?

So that is about 3/7ths of all Americans.